Facebook is the latest social media network chosen as a crypto scamming conduit. However, unlike Twitter scams asking for crypto, this one wants your fiat.

Social media is a great space for sharing information and even building your business brand. However, it also appears to hold increasing allure for cryptocurrency fraudsters. Live Bitcoin News has previously reported that these scammers were turning to Twitter and hijacking the accounts of well-known brands and individuals to get people to part with their crypto.

Fraudsters Give Facebook a Thumbs Up

Now, according to The Next Web, it seems as if Facebook is getting its turn in the scamming spotlight. The networking giant previously banned crypto-related ads and then changed this to only allow vetted advertisers to use its platform. However, some wily fraudsters have managed to sneak through processes and place a fake sponsored ad on Facebook.

The initial clickbait promised, unsurprisingly, a lucrative business opportunity and led them to a fake CNBC news report stating the below:

Singapore, in an unprecedented move, just announced that they are officially adopting a certain cryptocurrency as Singapore’s official coin. The government of Singapore just informed us that they have chosen a preferred firm for the purchase and marketing of their new coin – CashlessPay Group.

As with most scams, fraudsters attempt to add some legitimacy to their case by getting it endorsed by some famous names. This time, it was the turn of Sir Richard Branson to give credence to the claim. Not-really-Richard said that “when the name Singapore’s coin is released many people will become millionaires practically overnight”.

In order to invest in this once-in-a-lifetime opportunity, all victims need to do is be redirected to the CashlessPay website where, conveniently, only the link to the registration page works. Here, victims part with their personal data and are then eventually sent to fake crypto exchanges, two of which have been identified as Bulgaria-based Roiteks and CoinPro Exchange.

Scammers Looking for Cash and Not Crypto

The end game is getting victims to fill in their credit card details in order to invest. However, it appears as if these credit card transactions are programmed to decline, which leaves victims with the option of doing a direct deposit and results in the fraudsters getting double the investment amount per victim. Either way, the swindlers are looking for payment in traditional fiat rather than in crypto.

Facebook has confirmed that they are looking into the scam. The Director of Product Management, Rob Leathern, said:

Deceptive, predatory ads have no place on Facebook. We have removed these ads and disabled both the account and page they ran from for violating our policies.

It is unclear as to whether or not the fraudsters managed to get any victims to part with their info and cash and if they did, how much money they received.

Have you been a victim of this Facebook scam? Let us know in the comments below!

Images courtesy of Pixabay and ShutterStock.

The post Facebook Fraudsters Use the Promise of Crypto to Scam Victims out of Their Fiat appeared first on Live Bitcoin News.